Karnatakas RERA 2017

Karnatakas RERA 2017

Karnatakas RERA 2017

Home buyers in Karnataka are in for a pleasant surprise. Having come under increased pressure, the Government of Karnataka is slated to notify its Karnataka Real Estate (Regulation and Development Act (KRERA) 2017 by 30th of April 2017. During recent interaction with all the stakeholders, Karnataka Housing Secretary Shri Kapil Mohan assured that the Act will come into effect from 1st May 2017! Shri Mohan also promised that the Government of Karnataka will not tamper with the basic rule that all ongoing real estate projects will be governed by the Act from its date of implementation. The Karnataka Wing of the Fight for RERA movement headed by Shri M S Shankar met with Shri Mohan and secured the latter’s assurance that the Central legislation would be given effect in Karnataka in letter and spirit with an end objective of curbing unscrupulous elements finding their place in the real estate sector’s business dealings. Shri Shankar felt gratified that Shri Mohan made it amply clear that the Central Act would be implemented in Karnataka in its entirety. Further, Shri Shankar proposed that the mandatory body of Karnataka real estate regulatory authority as and when constituted, should be headed by Shri Shambu Dayal Meena who retired March-end as Principal Secretary and the chief architect of framing Karnataka RERA draft rules under the Housing Department.